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Taiwan rises among global goods suppliers

by April 9, 2016 General

April 10, 2016, 12:04 am TWN

Taipei–Taiwan climbed three places in the worldwide rankings of merchandise suppliers in 2015, rising to 17th, according to the Ministry of Economic Affairs (MOEA).

Due to a plunge in international crude oil prices, several oil producing countries such as Saudi Arabia and the United Arab Emirates fell out the top 10 merchandise supplier list, which gave Taiwan a chance to climb in the rankings, the ministry said.

While Taiwan’s merchandise exports fell by an annual 10.8 percent last year, the average global decline was 13.2 percent, the MOEA said, citing statistics from the World Trade Organization (WTO).

In 2015, Taiwan’s merchandise exports totaled US$285 billion, accounting for 1.7 percent of the global total, although it was 10.8 percent lower than the previous year amid falling global demand and a slowdown of the world’s economy.

Taiwan, however, did not perform as well in the merchandise export rankings as some of its neighbors, including China (No. 1), Japan (No. 4), South Korea (No. 6), Hong Kong (No. 7) and Singapore (No. 14).

China, Japan and Singapore maintained their places from the year before, while South Korea climbed one notch and Hong Kong rose two places on the WTO list.

In terms of merchandise imports, Taiwan ranked as the 18th largest buyer in the world in 2015, up one notch from a year earlier, importing US$238 billion worth of goods.

The figure represented a 15.7 percent annual drop and 1.4 percent of the world’s total merchandise imports.